Esso Malaysia records stronger margins

Inventory gains and stronger margins have helped Esso Malaysia Bhd record a RM200.99 million (US$) pre-tax profit for the year ended December 31, 2009, as compared to the pre-tax loss of RM329.725 million (US$) a year ago. Turnover, however, slipped to RM8.032 billion (US$) from RM11.735 billion (US$) in 2008. “This trend was largely driven by the movements in prevailing market prices for finished petroleum products,” Esso said in a filing to Bursa Malaysia. During the year, the company opened six new service stations and continued to invest in retail site acquisitions. Esso’s Port Dickson Refinery continued to improve refinery operating flexibility through plant optimization for crude diversification and reduce costs through energy efficiency and maintenance best practices. “Looking ahead, the industry will remain challenging and subject to the global economic outlook in 2010,” the company said. (February 24, 2010)